Who's working? (poll not argument)

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Current working status?

  • Not at all anywhere.

    Votes: 47 55.3%

  • Yes, but only person on site.

    Votes: 15 17.6%

  • Yes, on site with others but practising safe isolation.

    Votes: 12 14.1%

  • Part time urgent jobs.

    Votes: 10 11.8%

  • Working as normal 'cause fcuk it.

    Votes: 1 1.2%
  • Total voters
    85
Pl plastering said:
You ltd?
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No mate...I made the decision not to around 3 years ago...my accountant basically said unless I was going to be taking on large contracts and employing/subcontracting lots of guys I'd be in a better position financially staying under VAT threshold and not going LTD. So I have my accounts done monthly now and avoid jobs which could send me over the threshold...pick and choose basically.
 
imago said:
Why did you go Ltd?

Amount of tax paid is irrelevant, for example my quarterly VAT is usually around the £10k mark. So I collect @ £40k a year for the government. Tax is all about the percentages.
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Two of us so was just easier money going in one bank account and all outgoings coming out aswell of same bank..self employed was a doddle,took weeks to get money back from rebate,miles bigger headache being ltd so I dont see why you should pay a little less tax..
 
imago said:
Why did you go Ltd?

Amount of tax paid is irrelevant, for example my quarterly VAT is usually around the £10k mark. So I collect @ £40k a year for the government. Tax is all about the percentages.
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I get tax paid is irrelevant..as it comes down with what you invest in buisness etc
 
FreeD said:
No mate...I made the decision not to around 3 years ago...my accountant basically said unless I was going to be taking on large contracts and employing/subcontracting lots of guys I'd be in a better position financially staying under VAT threshold and not going LTD. So I have my accounts done monthly now and avoid jobs which could send me over the threshold...pick and choose basically.
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And you paid £10k in tax and you dont even hit threshold or arnt ltd
 
algeeman said:
500 + messages of absolute shiite mate
no one has said what they earn :rayos: :ROFLMAO: :frenetico:
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Dont think any1 has said anything about what there earn in the 500 msgs? On about what you should be getting from government in these times etc with what you put in.how much u earn algee?
 
algeeman said:
2 weeks lost because of lockdown
I earnt £57000 mate
+ £2880 rebate.

still skint :birra:
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If you are earning that much you must be paying around 10K tax including what you pay on account? and including NI don't forget that is 10% so in total we already pay 30%!!
 
superspread said:
I showed 30k I think on my SElf emp plastering earnings , but I have other things I pay tax on too, but have hardly worked in recent years and when I did I wasn’t earning anywhere near what I use get , luckily I’m in a decent position
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cost of living has gone sky high
I was earning more
when I was 22
40 something now I cant remember lol

with 4 kids mortgage etc
lifes good mate (y)
 
Me
algeeman said:
cost of living has gone sky high
I was earning more
when I was 22
40 something now I cant remember lol

with 4 kids mortgage etc
lifes good mate (y)
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I was too , like I said in an earlier post /thread , I’ve got other incomes and my going to work money dosent motivate me anymore . But then I’m 55 and I should be in a decent position by now , no mortgage etc.
I’m glad your doing well algee , it’s nice to hear that !
 
The reasons why I went limited was nothing to do with tax really, it was more to do with the limited liability of it. Taking on bigger contracts, if it went tits up I wouldn't loose my house, the business accepts the debts not the individual as in a sole trader. although the tax status is more favourable i.e. Corporation tax instead of income tax. As I've said in other posts, I get pretty much nothing back in all this, I'm not complaining i.e. I've made my bed I'll lie in it. I'm a small business but my vat return, corporation tax, ni, etc is over 100k a year I pay to hmrc, times that by 100s of thousands of businesses up and down the country you can image the
Amount this lockdown is costing hmrc.
 
Pl plastering said:
And you paid £10k in tax and you dont even hit threshold or arnt ltd
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I disagree, plastering is more labour intense and very little outgoing in materials compared to other trades. You only have to be earning mid 40s a year to be paying 5 figure tax bills.
 
And remember it's not against the law to have your customer pay for materials direct to keep your turnover down...obviously no point with internal domestic jobs but if you are taking on large domestic rendering jobs with £1000's of materials...that's the way I do it but many laughed at me on this forum but allows me to increase my bottom line without hitting the threshold (y)
 
owls said:
Do you not get citb or retentions at source ?
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no mate
citb is for firms earning over x amount
I get all doors taking out as "retention"
"patcher"
bullshit really


the plots I do are huge
sometimes over £200 when they dont need snagging :rayos:
 
algeeman said:
no mate
citb is for firms earning over x amount
I get all doors taking out as "retention"
"patcher"
bullshit really


the plots I do are huge
sometimes over £200 when they dont need snagging :rayos:
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I meant retention as in a defect of work for a period say 12 month.
I get that, then I forget about it, then 12 month down the line I'll get the odd £400 plonked into my account. You shouldn't get them for wet trades but there you go. My favourite is main contractors discount of 2.5% they try that one, but can kiss my arse for it to keep management in new Range Rover finance.
 
owls said:
I meant retention as in a defect of work for a period say 12 month.
I get that, then I forget about it, then 12 month down the line I'll get the odd £400 plonked into my account. You shouldn't get them for wet trades but there you go. My favourite is main contractors discount of 2.5% they try that one, but can kiss my arse for it to keep management in new Range Rover finance.
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ye
fella I'm working for will get stopped retention
but gets repeat work
so I'm sure he'll get it.

(y)

I know firms lost court cases over unpaid retention
redrose drylining lost against a big house builder.
cost him a small fortune
 
algeeman said:
ye
fella I'm working for will get stopped retention
but gets repeat work
so I'm sure he'll get it.

(y)

I know firms lost court cases over unpaid retention
redrose drylining lost against a big house builder.
cost him a small fortune
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We get stopped 5% retention but always gets payed back so it's nice when it comes.
 
owls said:
I disagree, plastering is more labour intense and very little outgoing in materials compared to other trades. You only have to be earning mid 40s a year to be paying 5 figure tax bills.
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Very rare we buy materials,we tell builders to,vat at 20% and pay vat man 17%..used to be 13% so we used to make a killing but changed it couple years ago to 17%
 
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